VANCOUVER, British Columbia, Jan. 21, 2025 (GLOBE NEWSWIRE) — Interfield Global Software Inc. (CBOE CA: IFSS) (the “Company” or “Interfield”) is pleased to provide the following update regarding the implementation of its previously announced MOU dated November 15, 2024 between its wholly owned subsidiary, Interfield Software Solutions LLC (“IFSS LLC”) and Abhi to integrate their respective software platforms, to offer an enhanced suite of services to clients in the United Arab Emirates, Kingdom of Saudia Arabia including the Middle-East region (the “Abhi JV”). This integration is aimed at delivering improved operational efficiency and financial solutions for clients.
The Abhi JV envisages the integration and joint marketing of Abhi financial solutions, including invoice factoring and salary advance options, and Interfield’s Equipment Hound platform, a premier online marketplace for procuring industrial equipment and services. The collaboration is set to deliver seamless, efficient, and innovative solutions to streamline procurement processes while addressing financial constraints for businesses in the region.
The Abhi JV reflects a shared vision of leveraging technology to empower businesses across the UAE and Saudi Arabia, fostering growth and innovation in key industrial sectors.
The companies continue to work on the completion of a binding definitive agreement (“Definitive Agreement”) and joint venture structure. Pending completion of same, all net revenues generated through the integrated platforms will be shared equally between Abhi and IFSS LLC.
Funding of Joint Venture
In order to fund the completion of the Definitive Agreement and to restructure the business of the Company in preparation for the Abhi JV, IFSS LLC will seek financing of up to US$1,000,000.
JRL Energy Inc.
In light of its strategic refocus on the Abhi JV, the Company has discontinued its previously announced licensing and business combination arrangements and discussions with JRL Energy Inc.
About Abhi
Abhi is a prominent fintech company, earning recognition as one of the Future 100 companies in the UAE. It was also the first to receive the Technology Pioneer 2023 Award by the World Economic Forum, making fintech history in the MENAP region. Abhi offers a comprehensive suite of products and services, including EWA, payroll solutions, and SME financing.
About Interfield Global Software Inc.
The Company is a publicly listed company, with its common shares listed on Cboe Canada. (Cboe CA: IFSS) and operates out of Dubai, U.A.E through its wholly owned subsidiary, Interfield Software Solutions LLC (“Interfield Solutions”).
Interfield Solutions is a software company that services numerous industrial segments worldwide including oil and gas, mining and renewables. Interfield Solutions has two operating divisions, E-commerce and Software as a Service. Equipment Hound, the company’s flagship product of its E-commerce division, is an industrial equipment marketplace that connects buyers and suppliers around the globe. Equipment Hound manages a catalogue of equipment from various suppliers and provides procurement solutions for buyers. It includes features such as requests for quotes, logistics support and third-party verification. ToolSuite, the company’s flagship product of its Software as a Service division, is a cloud based data collection and management platform that digitizes industrial processes and provides real-time auditable data for clients.
For more information about the Company, please refer to the Company’s profile on SEDAR+ at www.sedarplus.ca.
ON BEHALF OF THE BOARD OF DIRECTORS
“Harold Hemmerich”
Harold Hemmerich, Chief Executive Officer & Director
Phone: +971 50 558 8349
Bruce Nurse, Investor Relations
Phone: +1 303 919 2913
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Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors, which may cause actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include: general business, economic, competitive, political and social uncertainties; delay or failure to receive any necessary board, shareholder or regulatory approvals, including the approval of any applicable regulatory authority; and that factors may occur which impede or prevent the Company’s future business plans. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release. Except as required by law, the Company does not assume any obligation to update the forward-looking statements, whether they change as a result of new information, future events or otherwise, except as required by law.
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